Amendment to Employment Agreement between Nevada Gold & Casinos, Inc. and Michael P. Shaunnessy

Summary

This amendment updates the employment agreement between Nevada Gold & Casinos, Inc. and Michael P. Shaunnessy. It clarifies the terms for salary, bonus, vacation payout, and COBRA health coverage if the employee is terminated. Specifically, it ensures the employee receives twelve months of salary, a pro-rated bonus, unused vacation, and reimbursement for COBRA premiums for up to twelve months after termination. All other terms of the original agreement remain unchanged.

EX-10.6 2 tv498654_ex10-6.htm EXHIBIT 10.6

 

Exhibit 10.6

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is dated May 1, 2018, by and between Nevada Gold & Casinos, Inc., a Nevada corporation (the “Company”), and Michael P. Shaunnessy (“Employee”).

 

RECITALS

 

WHEREAS, the Company and Employee entered into that certain Employment Agreement dated July 19, 2016 (the “Employment Agreement”); and

 

WHEREAS, the parties desire to make a clarifying amendment to the Employment Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:

 

1.       The second sentence of Section 5(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“In such case, Employer shall pay the Annual Salary to Employee for a twelve month period following termination of employment plus a pro rata performance bonus and accrued but unused vacation as of the date of termination. If Employee timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”) for Employee and his eligible dependents the Company will monthly reimburse Employee for the COBRA premiums for such coverage for twelve months from the date of termination (the “Continuation Benefit”).”

 

2.       The second sentence of Section 5(b) of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“In the event of such a termination, Employer shall pay to Employee in a lump sum (i) an amount equal to twelve months Annual Salary, (ii) a pro rata performance bonus and (iii) accrued but unused vacation as of the date of termination. In addition, Employee will be entitled to the Continuation Benefit.”

 

3.       All other terms of the Employment Agreement shall remain in effect.

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.

 

  THE COMPANY:
   
  NEVADA GOLD & CASINOS, INC.
   
  BY:           
   
  EMPLOYEE:
   
   
  Michael P. Shaunnessy